Game publisher Take-Two Interactive has become the latest major gaming company to announce mass layoff plans. In the submission that the company Submitted today to the US Securities and Exchange CommissionIt has revealed that it will lay off a total of 5% of its workforce by the end of 2024.

In addition to the layoffs, the filing states that Take-Two will also cut “a number of projects in development.” The file did not specify which games would be affected. Take-Two also said it has plans to “streamline its organizational structure,”

The company stated that it would “absorb approximately $160 to $200 million in total expenses” as part of this cut. The bulk of the charges will refer to the cancellation of titles, with 25 to 35 million dollars related to workers’ compensation, and another 15 to 25 million dollars related to the closing of office spaces.

Just a few weeks ago, Take-Two announced that it would acquire Gearbox Entertainment, and its line of games, for $460 million from The Embracer Group. The publisher releases games through several different brands, including 2K Games, 2K Sports, Private Division, and its mobile gaming company Zynga. Earlier this year, Visual Concepts, 2K Sports’ developer studio, cut an undisclosed number of jobs.

However, it is the Rockstar Games division that remains its largest group, largely thanks to the success of Grand Theft Auto V. Rockstar is currently working on its latest game in the series, Grand Theft Auto VIwhich is currently scheduled to launch for Sony’s PlayStation 5 console and Microsoft’s Xbox Series X and S consoles sometime in 2025.

Take-Two joins a long list of game publishers and developers to initiate mass layoffs in 2024. They include Microsoft, which cut 1,900 jobs in its games division earlier this year. Other layoffs affected Sony’s PlayStation division, which cut 900 employees from its workforce several months ago.